The Libyan Business Council (LBC) has announced the signing of a trade cooperation agreement between Libyan and Indonesian businessmen to boost bilateral trade and direct contacts between companies in the two countries.
The LBC said the deal was inked on Tuesday, October 20, in Semarang, after the chairman of the Libyan-Indonesian Business Council was invited by the head of the Export Development Department in the Central Java province in Indonesia.
The agreement aims to ease trade and encourage direct cooperation between private sector companies in Libya and Indonesia, providing opportunities for businesses to enter into commercial partnerships and explore new markets.
Business leaders from both countries attended the signing ceremony, which was accompanied by bilateral business-to-business (B2B) meetings. The talks were on export and import opportunities and the establishment of direct commercial relations between Libyan and Indonesian companies.
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Central Java, including Semarang, was one of the important industrial and export hubs in Indonesia, according to the LBC. The region has a variety of products that can be exported to the Libyan market such as textiles, ready to wear clothing, shoes, furniture, wood products, food products and marine products.
Trade Agreement Builds on $1.8 Million in Proposed Commercial Deals
The new deal comes after the results of the Libyan Business Forum, which was held on October 16 on the sidelines of the Trade Expo Indonesia in Jakarta.
The forum led to the exchange of over 12 letters of intent for potential commercial transactions worth more than $1.8 million, and direct contacts between Libyan and Indonesian companies to discuss trade and investment opportunities.
The LBC said it is still following up on the forum’s results and understandings reached by the participating businesses through the Libyan-Indonesian Business Council.
The council is collaborating with the economic organisations and institutions in Indonesia to improve communication between companies, to find new opportunities for bilateral trade and to assist in converting the letters of intent into concrete commercial agreements.
The initiative is a sign of the shift from exploratory business talks to actual business transactions and ongoing private sector partnerships. Turning the proposed deals into actual agreements will be a key indicator of whether the increased involvement will lead to sustained trade gains for businesses in both countries.
